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Note 3 - Debt
9 Months Ended
Jan. 31, 2015
Notes to Financial Statements  
Debt Disclosure [Text Block]
3
. DEBT
 
At January 31, 2015, a subsidiary of the Company maintained unsecured revolving credit facilities with banks aggregating $100 million (the “Credit Facilities”). The Credit Facilities expire from April 30, 2016 to October 10, 2017 and current borrowings bear interest at .9% above one-month LIBOR (1.1% at January 31, 2015). Borrowings outstanding under the Credit Facilities were $15 million at January 31, 2015 and $30 million at May 3, 2014. At January 31, 2015, $2.2 million of the Credit Facilities was reserved for standby letters of credit and $82.8 million was available for borrowings.
 
The Credit Facilities require the subsidiary to maintain certain financial ratios, including debt to net worth and debt to EBITDA (as defined in the Credit Facilities), and contain other restrictions, none of which are expected to have a material effect on our operations or financial position. At January 31, 2015, we were in compliance with all loan covenants.